For more than a year, our attorneys have worked closely with many clients who own rental property to assist them as they have struggled to stay afloat during the COVID-19 pandemic that has left many receiving little or no rent on their properties.
This week, some good news came in the form of a Landlord Rental Assistance Program announced by Gov. Kathy Hochul. The program will provide $125 million in rental relief to a targeted group of landlords.
Though there has long been a federal assistance program in place, many tenants either refused to complete the necessary paperwork to participate, and/or they vacated the rental property with back rent owed.
In both cases, the landlords were left out in the cold. Under the newly announced program, those landlords are now eligible to receive up to 12 months of past due rent.
To be eligible, the rental units in question must be rented at or below 150 percent of fair market value for their location. Additionally, the landlord must have documented all past due rent after March 1, 2020 owed by a tenant who either vacated the property or declined to participate in the Emergency Rental Assistance Program.
Landlords can create an account on New York State’s website and apply for the program by clicking here.